Krane Funds Advisors LLC cut its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 98.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 196,361 shares of the company's stock after selling 17,049,620 shares during the period. Tencent Music Entertainment Group accounts for 2.0% of Krane Funds Advisors LLC's investment portfolio, making the stock its 11th largest holding. Krane Funds Advisors LLC's holdings in Tencent Music Entertainment Group were worth $2,366,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at approximately $37,000. Tobam raised its position in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company's stock worth $49,000 after acquiring an additional 957 shares in the last quarter. SageView Advisory Group LLC purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter valued at about $90,000. iA Global Asset Management Inc. grew its position in Tencent Music Entertainment Group by 728.9% during the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock worth $131,000 after buying an additional 10,277 shares during the period. Finally, Wrapmanager Inc. purchased a new position in shares of Tencent Music Entertainment Group in the second quarter valued at $192,000. 24.32% of the stock is owned by hedge funds and other institutional investors.
Tencent Music Entertainment Group Stock Performance
NYSE:TME traded up $0.24 during midday trading on Friday, reaching $11.88. 4,346,597 shares of the company traded hands, compared to its average volume of 8,871,879. The company has a fifty day moving average price of $11.18 and a 200 day moving average price of $12.85. The firm has a market capitalization of $20.39 billion, a price-to-earnings ratio of 25.30, a price-to-earnings-growth ratio of 0.95 and a beta of 0.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a twelve month low of $6.55 and a twelve month high of $15.77.
Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The business had revenue of $985.00 million during the quarter, compared to analyst estimates of $1 billion. On average, analysts expect that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
TME has been the subject of several recent research reports. Mizuho cut their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, August 14th. Daiwa America lowered Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Morgan Stanley cut Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research report on Tuesday, August 13th. Finally, Benchmark dropped their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $12.67.
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Tencent Music Entertainment Group Profile
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Free Report)
Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.
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